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Investors' fears drive down stock markets

U.S. shares are near bear-market lows; financial sector slips

By

Peter A. McKayThe Wall Street Journal Europe

Updated Feb. 18, 2009 12:01 a.m. ET

The Dow Jones Industrial Average tumbled to its bear-market low in a broad selloff, as investors worried about the global economy and the health of financial institutions fled to the safety of gold and Treasury bonds.

Following declines in Asia and in Europe, the Dow opened lower and then slid further, finishing down 297.81 points, or 3.8%, at 7552.60, just a hair's breadth above its Nov. 20 closing low of 7552.29. It hit an intraday low of 7551.01 less than a minute before Tuesday's close.